This funding has been secured by a JV between Monk Estates and Housing Growth Partnership which will allow the scheme to progress from development to an income-generating asset.

Located on Highcross Street, the BTR scheme includes 171 studio, one-, two- and three-bedroom apartments. Amenities on the site include a gym, cinema rooms, roof garden, business and co-working spaces.

The scheme is operated under the Hylyfe brand.

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“The BTR sector continues to play an increasingly important role in addressing housing demand in regional city centres, where quality, professionally managed rental accommodation is often in short supply,” said Azfar Rizvi, commercial director of commercial real estate at Aldermore.

“This scheme is a strong example of how well-located, well-designed developments can deliver long-term value for both residents and investors.

Samuel Monk, director at Monk Estates, added: “The Highcross development is a key milestone for us as we continue to grow our BTR platform in well-connected regional cities like Leicester, where demand for high-quality professionally managed rental accommodation remains strong.

“Our relationship with Aldermore has been an important part of our growth journey to date — we value their flexible, pragmatic approach and look forward to continuing to work together as we grow our portfolio.”